Discounted Cash Flow (DCF) Analysis Unlevered

Visiativ SA (ALVIV.PA)

28.2 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.54 | 28.2 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 124.39163.22203.22189.95214.40247.67286.10330.49381.76441
Revenue (%)
EBITDA 8.7011.1314.6411.7120.7018.2521.0824.3528.1332.49
EBITDA (%)
EBIT 6.186.937.624.9713.7010.8812.5714.5216.7719.37
EBIT (%)
Depreciation 2.534.207.036.7477.378.519.8311.3613.12
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 35.2235.3431.6865.2568.7065.3675.5087.21100.75116.38
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.010.280.310.380.300.340.390.450.520.60
Inventories (%)
Accounts Payable 24.3229.8839.5036.2439.6046.9854.2762.6972.4283.66
Accounts Payable (%)
Capital Expenditure -4.94-5.09-6.76-8.72-12.20-10.25-11.84-13.68-15.81-18.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.2
Beta 1.267
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 23.62
After-tax Cost of Debt 1.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.470
Total Debt 98.50
Total Equity 3,031.11
Total Capital 3,129.61
Debt Weighting 3.15
Equity Weighting 96.85
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 124.39163.22203.22189.95214.40247.67286.10330.49381.76441
EBITDA 8.7011.1314.6411.7120.7018.2521.0824.3528.1332.49
EBIT 6.186.937.624.9713.7010.8812.5714.5216.7719.37
Tax Rate 15.33%57.18%77.02%63.12%23.62%47.25%47.25%47.25%47.25%47.25%
EBIAT 5.232.971.751.8310.465.746.637.668.8510.22
Depreciation 2.534.207.036.7477.378.519.8311.3613.12
Accounts Receivable ----------
Inventories --0.27-0.03-0.070.09-0.04-0.05-0.06-0.07-0.08
Accounts Payable -5.569.62-3.253.367.387.298.429.7311.24
Capital Expenditure -4.94-5.09-6.76-8.72-12.20-10.25-11.84-13.68-15.81-18.26
UFCF 2.817.3611.60-3.478.7010.2010.5312.1714.0516.24
WACC
PV UFCF 9.348.839.349.8810.45
SUM PV UFCF 47.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.22
Free cash flow (t + 1) 16.56
Terminal Value 229.36
Present Value of Terminal Value 147.58

Intrinsic Value

Enterprise Value 195.40
Net Debt 29.80
Equity Value 165.60
Shares Outstanding 107.49
Equity Value Per Share 1.54